United Kingdom: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in the UK

The UK market for processed petroleum oils and distillates soared to $X in 2022, increasing by 32% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Processed petroleum oils and distillates consumption peaked in 2022 and is likely to see gradual growth in years to come.

Production of Processed Petroleum Oils and Distillates in the UK

In value terms, processed petroleum oils and distillates production fell to $X in 2022 estimated in export price. In general, production saw a deep setback. The pace of growth was the most pronounced in 2021 when the production volume increased by 31% against the previous year. Processed petroleum oils and distillates production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Processed Petroleum Oils and Distillates

Exports from the UK

Processed petroleum oils and distillates exports from the UK skyrocketed to X tons in 2022, rising by 25% compared with 2021 figures. In general, exports, however, continue to indicate a pronounced setback. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, processed petroleum oils and distillates exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a pronounced slump. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons), Ireland (X tons) and Belgium (X tons) were the main destinations of processed petroleum oils and distillates exports from the UK, together comprising 59% of total exports. The United States, Nigeria, Canada, Morocco, Denmark, Colombia, Gibraltar, Spain, France and Senegal lagged somewhat behind, together comprising a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Colombia (with a CAGR of +105.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for processed petroleum oils and distillates exported from the UK were Ireland ($X), the Netherlands ($X) and the United States ($X), together comprising 59% of total exports. Belgium, Nigeria, Canada, Morocco, Spain, Colombia, Denmark, France, Gibraltar and Senegal lagged somewhat behind, together comprising a further 32%.

In terms of the main countries of destination, Colombia, with a CAGR of +88.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for processed petroleum oils and distillates stood at $X per ton in 2022, jumping by 44% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 72% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Denmark ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+1.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into the UK

In 2022, overseas purchases of processed petroleum oils and distillates increased by 122% to X tons, rising for the second year in a row after two years of decline. Overall, imports showed a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. In general, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

The Netherlands (X tons), the United States (X tons) and Sweden (X tons) were the main suppliers of processed petroleum oils and distillates imports to the UK, together comprising 30% of total imports. Belgium, Ireland, India, Norway, China, Greece, France, Finland, Germany and Portugal lagged somewhat behind, together comprising a further 20%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of +42.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of processed petroleum oils and distillates to the UK, comprising 16% of total imports. The second position in the ranking was held by the United States ($X), with a 6.6% share of total imports. It was followed by Sweden, with a 6% share.

From 2012 to 2022, the average annual growth rate of value from the Netherlands was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+0.9% per year) and Sweden (-10.5% per year).

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, flattening at the previous year. Over the period under review, the import price showed a deep slump. The most prominent rate of growth was recorded in 2018 an increase of 27% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-6.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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